270 ARTICLE 23.

1933, ch. 47. 1935, ch. 474.

171B. No association incorporated under Sections 161 to 171, both
inclusive of this Article, and no building or homestead association incorpo-
rated under any law of this State, and doing business herein, shall, prior
to June 1, 1937, be required to pay out at any regular meeting of such
association or corporation, to any holder of unredeemed shares wholly or
partially paid up, a greater amount than his pro rata share of the total
amount of dues received by such association or corporation from borrow-
ing. members at such meeting in the ratio which the total paid in value
of the shares demanded for dedemption bears to the total paid in value of
unredeemed shares then outstanding.

The object, intent and purposes of this section is to declare that the
emergency in relation to the financial affairs of building and homestead
associations which was recognised by the enactment of Chapter 47 of the
Acts of 1933 is still existent and to afford such associations and their
shareholders continuing protection throughout the period defined in this
Section.

1935, ch. 232.

171C. Any building or homestead association and any building and
loan association, or savings and loan association or company, or other home
financing organization by whatsoever name or style it may be designated,
eligible to become a member of the Federal Home Loan Bank system, may
convert itself into a Federal Savings and Loan Association, as provided
for in the Act of the Congress of the United States, approved the 13th
day of June, 1933, entitled "The Home Owners Loan Act of 1933, " with
amendments, with the same force and effect as though originally incorpo-
rated under such Act of Congress, and the procedure to effect such con-
version shall be as follows:

(a) A meeting of the shareholders shall be called for such purpose in
accordance with the provisions of Section 19 of Article 23 of the Mary-
land Code, or any amendments thereof or thereto.

(b) At a meeting of the shareholders of any such association or com-
pany held as provided for in paragraph (a), such unredeemed share-
holders may, by the affirmative vote of fifty-one per cent (51%) of all of
the unredeemed shares outstanding and entitled to vote, declare, by reso-
lution, its determination to convert said association into a Federal Savings
and Loan Association with all the powers reserved to and granted such
Federal Savings and Loan Association, as provided for in the Act of the
Congress of the United States approved the 13th day of June, 1933, en-
titled "The Home Owners Loan Act of 1933, " or any amendments that
have been made or that may hereafter be made thereto.

(c) Within six months after the date of the meeting and determination
referred to in paragraph (b) hereof such association or company shall
take such action as is prescribed by the Act of Congress and "the rules and
regulations promulgated thereon by the Federal Home Loan Bank Board,
as shall make it a Federal Savings and Loan Association, and as such